Porsche 2012 Annual Report Download - page 121

State Court pending a decision on Porsche’s
appeal. Porsche SE's motion to stay discovery
pending a decision on Porsche SE’s appeal was
granted on 9 October 2012 and on 27 December
2012 the New York Supreme Court Appellate
Division for the First Department reversed the
decision of the lower court and dismissed the
complaints. Plaintiffs filed a motion to reargue or
in the alternative leave to appeal on 10 January
2013. On 31 January 2013, the parties entered
into a stipulation under which Porsche SE agreed
not to raise any statute-of-limitations defense
against the plaintiffs' claims, provided these are
filed before a court in Germany within 90 days and
provided these claims were not already statute-
barred when the plaintiffs first filed their actions in
the USA. Irrespective of this, Porsche SE consid-
ers the claims filed to be without merit. Under the
settlement, the plaintiffs withdrew their motion to
reargue or in the alternative leave to appeal. The
parties consented to entry of a final judgment
dismissing plaintiffs’ complaints against Porsche
SE in the New York State Court in their entirety.
We refer to the corresponding reporting in the
section “Subsequent events” in this management
report.
Actions for damages in Germany and England
In 2009, 2010 and 2011, market participants in
Germany applied for conciliatory proceedings
against Porsche SE and in part against Volkswagen
AG with regard to the assertion of claims for dam-
ages on the basis of alleged breaches of statutory
capital market regulations in connection with the
acquisition of a shareholding in Volkswagen AG.
Various market participants have filed further
applications for conciliatory proceedings against
Porsche SE based on the same claims; the compa-
ny received these applications in January, February
and November 2012. Some of the new applications
are also directed against Volkswagen AG and in one
case against Porsche AG. All of the claims alleged in
conciliatory proceedings relate to alleged lost profits
or alleged losses incurred estimated by the market
participants to total approximately 3.3 billion euro.
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